If you’re not retaining your customers, you’re losing money. Understanding your customer churn rate one a key part to keeping long-term profits. In this episode of LiveVox’s CX Reflex Series, CX sage Lynne Hunsacker discusses what customer churn is and how to calculate it, as well as what factors can lead to high churn rates. Most importantly, she talks about how to fix a poor customer experience before it’s too late!
There’s no two ways about it: the quality of your customer service plays a huge role in customer retention, but many contact centers don’t realize the value of tracking and analyzing customer sentiment. Agents should be self-monitoring their performance instead of expecting customers to rate every transaction. This helps agents adjust their performance for future calls and reduce negative customer emotions.
Leaders can quantify the impact of customer service by measuring sentiment change and defection rates. For example, if a contact center successfully turns a customer from a severe emotion to a neutral one, they have saved their sales and marketing team the cost of replacing that customer.
Overall, customer service teams provide invaluable services that help retain customers and generate revenue, so it’s important for leaders to recognize and value those efforts.
Hunsacker advises that:
- Agents should be self-monitoring their performance instead of expecting customers to rate every transaction.
- Leaders can quantify the impact of customer service by measuring sentiment change and defection rates.
- Customer service teams provide invaluable services that help retain customers while being trained to deliver that service in a way that generates repeat business and more revenue.
And here a few tactics we explore in this episode:
- Train agents on customer service best practices to ensure a positive customer experience.
- Equip agents with tools and resources to help them provide effective solutions for customers.
- Encourage agents to proactively address customer needs and go the extra mile for them.
- Track key metrics such as customer satisfaction and loyalty scores to gauge success.
- Reward agents for providing high-quality service that results in repeat business and increased revenue.
For more insider insights and thought leadership tips, check out the full CX Reflex Series on the LiveVox YouTube channel.